Gary Busey bankrupt, like other 'great American institutions'

Gary Busey, whose career pinnacle was (in our eyes) 1991's "Point Break," declared bankruptcy on Tuesday (Feb. 7), claiming he has less than $50,000 in assets and creditors seeking up to $1 million from him.

A statement from Busey's manager likens the actor -- who most recently appeared on ABC's "Celebrity Wife Swap," "Celebrity Apprentice," "Celebrity Close Calls" and "Celebrity Rehab" -- to an "American institition" and "icon":

"As with many great American institutions, i.e., General Motors, American Airlines, and many others who have utilized the strategic business tool called bankruptcy, Gary Busey's filing is the final chapter in a process that began a few years ago of jettisoning the litter of past unfortunate choices, associations, events and circumstances that visited themselves upon this great American icon, to enable the start of a new and clear path to peace, happiness and success with his career and his wonderful new soulmate, Steffanie, and their son, Luke."

Among the creditors listed on the filing, according to Reuters, are various lawyers, the IRS, Wells Fargo bank, Santa Monica UCLA Medical Center, a storage company and Carla Loeffler, who filed suit against the actor in November for allegedly tackling her at the Tulsa airport.

Enjoy the great American icon in animated GIF form: